Numerated has been closely monitoring rapidly evolving legislation on the Paycheck Protection Program and is prepared to help you streamline your PPP process for the next round of funding.
The flexibility of the solution has enabled Numerated to quickly iterate and optimize the platform to meet new requirements, as outlined in recent legislation.
Platform Enhancements for the Next Round of PPP Lending
Numerated has made many enhancements across the platform to further streamline the PPP lending process. The solution now includes:
- A single, consolidated self-service portal for originations, supporting all six different loan types
- A complete self-service option, with in-application guidance, for originations, saving borrowers and bankers time
- Pre-filled existing customer info into a new loan application, even if the customer did not participate in a previous PPP round
- Data pulled across all 50 states
Unique Solutions
Numerated has been digging into the legislation and working with more than 100 financial institutions to identify potential challenges presented in this new round of funding. Numerated will help solve these challenges by providing:
- A Centralized PPP Portal
- Simplifies the borrower journey by enabling them to access multiple applications in a single location and session
- Allows simultaneous processing of both Forgiveness and second-draw loans
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- Provides verifiable data by pulling data from external and internal sources, including directly from the SBA, to reduce delays caused by data inaccuracies
- Creates data efficiencies by using existing origination and forgiveness data to pre-fill new applications and eliminate work for lenders and borrowers
- Distinguishes between new vs. existing customers and automatically applies different decision rules
- Multiple Data Sources and Pre-fill Capabilities
- Provide verifiable data by pulling data from external and internal sources, including directly from the SBA, to reduce delays caused by data inaccuracies
- Create data efficiencies by using existing origination and forgiveness data to prefill new applications and eliminate work for lenders and borrowers
- Distinguish between new vs. existing customers and automatically apply different decision rules
- Enhanced Forgiveness Support
- Deliver an intuitive borrower self-service experience
- Utilize Numerated’s SBA forgiveness API integration to eliminate bank review for the majority of loans
- Utilize the platform to process over 80 percent of borrowers’ forgiveness requests by completing, validating, and submitting applications to the SBA via API, enabling lenders to focus on more value-added work
- Significantly reduce the burden of forgiveness by automating the entire borrower journey across all loan/product types
Learn how you can get started with the PPP Originations and Forgiveness platform that lenders used to process $34.5B in PPP loans, by contacting us today.